MarketFinance has partnered with trade finance provider Ebury to help process as many applications as possible under the coronavirus business interruption loan scheme (CBILS) before the deadline at the end of this month.
Both firms are already accredited lenders under the scheme but the partnership will see MarketFinance offer both its CBILS loans and revolving credit facilities to Ebury’s UK small- and medium-sized enterprise (SME) customer base.
SMEs must submit their CBILS applications by the end of September and lenders have two months to consider them.
“A key part of our strategy is partnering with other fintechs to deliver seamless funding solutions for their customer base,” Anil Stocker (pictured), chief executive of MarketFinance, said.
“We are very excited to be launching this with Ebury, who have built up a strong brand internationally and who want to improve access to finance for their business customers in this crucial time. We hope this partnership will make it even easier for business owners to find the right finance to help them through this global pandemic.”
The fintechs also intend to work together in the long term with Ebury continuing to offer MarketFinance’s regular business loans and invoice finance to their clients once CBILS ends.
“We have been working with governments throughout Europe to try to ensure that SMEs, the lifeblood of our economies, have access to the working capital they need to survive the pandemic,” Juan Lobato, chief executive of Ebury, said.
“I am delighted that by combining with one of our fintech peers we will be able to help more companies in the UK secure the vital funding they need to be able to benefit from the economic recovery we are starting to see.”